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Mortgage Rates Surge, Home Buying Slows | Monroe Louisiana News
Mortgage rates just hit a 19-month high at 6.95%, sending monthly payments soaring and forcing many buyers to pause their home searches. After briefly dipping below 6% in February, rates jumped nearly 1% — adding $255/month to a $400K loan. With the Fed raising its key rate for the first time in three years to fight inflation, experts predict mortgage rates will stay at or above 7%, deepening affordability woes. Combined with high home prices and a tight inventory, the housing market is slowing to a 30-year low as rising costs push more dreamers out of the game. Listen in comfort:Get a…
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